However, a higher tax rate and lower other income led to PAT before exceptional items of Rs 368.5 m, below the estimate of Rs 516 m.

Standalone revenue grew 12.6% in FY17 to Rs 8.02b, but more importantly, EBITDA margin revived to 28.4% from 20% in the previous year. This was due to normalisation of advertisement expenses to 11% of sales, after ballooning to 18.5% in FY16. This drove 66% y-o-y PAT growth to Rs 2.03bn. INFOE’s key investee company Zomato reported revenue of Rs 332bn captured in consolidated accounts financials with a cash EBITDA loss of Rs 930m in FY17.

Revenue grew 8% y-o-y to Rs 2,084 m compared to our estimate of Rs 1 ,996m; 2.2% y-o-y. Revenue in the Recruitment business grew by 9.2% y-o-y to Rs 1,555m and that in 99acres.com was flattish y-o-y to Rs 275 m.

Total operating expenses during the quarter stood at Rs 1,452 million, compared to our estimate of Rs 1,455m. PAT before exceptional items was Rs 368.5m, -15.6% y-o-y, lower than our estimate of Rs 516m, because of higher tax expense and lower other income.